Ann: Quarterly Activities Report, page-14

Hi Bob, I appreciate your points and to me everything looks rosy with the Co.
The liquidity warning was not about the company but the ability to trade their shares.
Morning star has the liquidity as Moderate. I am sure that I have seen it in the past as Low.
Their are only about 10m shares on the ASX although they are fungible.
A couple of deep pockets could easily control the trading.
There was a pie chart in a recent preso that gave a breakdown of SH. Again, I have only glanced but i was struck by the number of SH with less than 1000 shares and sometimes over analysis is dangerous.
Another poster previously mentioned trading activity that indidcated accumulation.